Cooler-Than-Expected CPI Reading Boosts Stock Futures

Investors are once again hopeful for interest rate cuts

Digital Content Manager
May 15, 2024 at 9:23 AM
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Dow Jones Industrial Average (DJIA) futures are up triple digits, extending yesterday's healthy gains after a cooler-than-expected consumer price index (CPI) reading for April, which signaled inflation is slowing down. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also higher, as hopes of interest rate cuts reemerge in light of this economic data.

Continue reading for more on today's market, including: 

  • Should you buy expensive or cheap options?
  • Why Airbnb stock looks ready to bounce.
  • Plus, DELL nabs price-target hike; Justice Department comes after Boeing; and EV stock upgraded.

Futures 0515

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.7 million call contracts and 925,569 put contracts traded on Tuesday. The single-session equity put/call fell to 0.53, and the 21-day moving average stayed at 0.70.
  2. Morgan Stanley raised its price target of Dell Technologies Inc (NYSE:DELL) to $152 from $128. The analyst in question said the company is “gaining momentum” with enterprise clients. DELL is up 3.9% before the bell, and boasts a more than 75% lead for 2024.
  3. The Justice Department said Boeing Co (NYSE:BA) violated a 2021 settlement in connection with two fatal 737 Max crashes. The security is down 0.8% in premarket trading, and looking to add to a 30.7% year-to-date deficit.
  4. JPMorgan Securities today upgraded Nio Inc (NYSE:NIO) stock to "neutral" from "underweight," citing the a government stimulus policy in China and the company's battery as a service (BaaS) model. The electric vehicle (EV) stock is 1.2% higher ahead of the open, but is down 36.2% in 2024.
  5. A busy week of earnings and inflation data on tap. 


European Markets Rise; FTSE 100 Hits Record High

The South Korean Kospi and Hong Kong’s Hang Seng were closed for holiday on Wednesday, while Japan’s Nikkei inched 0.08% higher, and China’s Shanghai Composite dipped 0.8%. The People’s Bank of China held its one-year medium term lending facility rate at 2.5%, while in Singapore, Lawrence Wong was sworn in as the new prime minister -- the first leadership change in 20 years.

London’s FTSE 100 hit a record high this morning, with a boost from consumer credit name Expirian, and was last seen up 0.1%. The French CAC 40 is down 0.2% at last check, while the German DAX adds 0.4%, as investors await the inflation report stateside and digest upbeat earnings from travel giant TUI.


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